217
217
Dec 31, 2013
12/13
by
FBC
tv
eye 217
favorite 0
quote 0
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor of economics. we have been debating this going on three years now, coming out and filing a lawsuit, they are not giving up. do you wonder if the volcker rule will be diminished piece by piece by piece? >> i don't think so. this particular thing they are suing over is not really at the center of the volcker rule. the center is proprietary trading. this isn't even on the outskirts of the volcker rule, it is on the outskirts of the outskirts. it is about this hybrid sort of hybrid security that some banks issued, it is capital for regulatory purposes. cheryl
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor...
91
91
Dec 31, 2013
12/13
by
FBC
tv
eye 91
favorite 0
quote 0
market going along with it and we think that it will make ben bernanke looking untrammeled by paul volcker. in the market will continue. not at this rate. regardless of the economy and money printing is part of this. >> a lot of people have said this. watch out, there she blows. and i think that they are still printing $75 billion per month and 0% interest rate. that is humongous. they can say that they slow down and there's no slowing down or tightening. that's a big number. charles: coming up next, carl ichan versus apple. >> the stocks have fallen and have backed down the 550. it has already had a humongous run. >> i want to stop moving higher because they have the products coming out. >> i guess there was a time i mean, people don't use that term anymore. but you take a position and then you do what they want them to do and has noting to do with fundamentally resucturing a company. >> there our company is in there are no way for them to return this. and it sounds like they might have this at their disposal. >> yes, google is rolling out internet services and it could be by a cellular c
market going along with it and we think that it will make ben bernanke looking untrammeled by paul volcker. in the market will continue. not at this rate. regardless of the economy and money printing is part of this. >> a lot of people have said this. watch out, there she blows. and i think that they are still printing $75 billion per month and 0% interest rate. that is humongous. they can say that they slow down and there's no slowing down or tightening. that's a big number. charles:...
89
89
Dec 31, 2013
12/13
by
BLOOMBERG
tv
eye 89
favorite 0
quote 0
. >> one of the most contentious topics they had to consider was the volcker rule. >> it was probably amongst the most challenging. we were involved with 68 final guidances in rules and orders. that is the most challenging. to prohibit on one hand proprietary trading record raise the risk of taxpayers. it does look like that one is in the courts as well. >> you were not afraid to but heads with the folks on wall street, former colleagues there, and regulators overseas. i heard dan gallagher said at one point in -- among european regulators, your name is like a curse word. are you ok with that? >> we are good friends and we used to commute from baltimore together. we chat about it and laugh about it since he said those words. i am all right and we remain good friends. >> you had to throw a few elbows along the way. >> i look at it this way. these are really important matters. the financial market derivatives is 400 trillion dollars in size. that is nearly $25 for every five dollar in our economy. there is no doubt there will be differences at times. we were trying to bring transparency
. >> one of the most contentious topics they had to consider was the volcker rule. >> it was probably amongst the most challenging. we were involved with 68 final guidances in rules and orders. that is the most challenging. to prohibit on one hand proprietary trading record raise the risk of taxpayers. it does look like that one is in the courts as well. >> you were not afraid to but heads with the folks on wall street, former colleagues there, and regulators overseas. i heard...
75
75
Dec 30, 2013
12/13
by
CSPAN
tv
eye 75
favorite 0
quote 0
it is volcker. other than that, i will cover any story interesting to my audience. the audience should win, because if they don't they will go to somebody else. you have to bring your a game. i do five seconds --five segments of day. i have been doing that for 14 years. there are enough interesting people to do that. how many years have you done? >> i don't know. >> i think i have done more than 25,000. i know i have done 10,000 interviews. >> going back to your schedule, how do you maintain -- how do you keep your mind open? how do you have time to research? you are traveling, you are speaking, you have a roadshow you do. >> it is very funny. >> how do you keep track of all this? >> i was blessed with the capacity to remember things. when i read a book, i can't remember it and take copious notes. i am a very fast reader. i will read a book on the plane tomorrow, on the way back, so i will have four and a half hours. it is about a 300-page book. >> you call your wife the fetching mrs. hewitt. how do you keep her happy you are running around? >> she comes with me. we
it is volcker. other than that, i will cover any story interesting to my audience. the audience should win, because if they don't they will go to somebody else. you have to bring your a game. i do five seconds --five segments of day. i have been doing that for 14 years. there are enough interesting people to do that. how many years have you done? >> i don't know. >> i think i have done more than 25,000. i know i have done 10,000 interviews. >> going back to your schedule, how...
118
118
Dec 29, 2013
12/13
by
CSPAN
tv
eye 118
favorite 0
quote 0
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the effect on people, this is what is going through my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe, and you look at the number of indices -- let's take maternal mortality -- in those cases, over 480 women die each year out of 100,000. when you look at countries where less than 30% of the people say they had to pay a bribe in the last year, 57 women died. if you take it down further, then it is about 10 out of 100 women. you could do the same with water and all the indices you're talking about.
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the...
66
66
Dec 29, 2013
12/13
by
CSPAN
tv
eye 66
favorite 0
quote 0
result, urged other international financial institutions not to look the other way. 11 years later, paul volcker provided us with a clear blueprint for attacking corruption. this is an historic occasion to have both of you with us today, and a new opportunity to learn from you once again. thank you so much for coming. [applause] i am also very pleased to welcome yvette from transparency international and the finance minister from the philippines. we are also very honored to have you with us today. [applause] right from the start, i would like to make clear why fighting corruption is a critical priority for me personally and for the entire world bank group. every dollar that a corrupt official or business person puts in their pocket is $8 stolen from a pregnant woman who needs health care, or from a girl or boy who deserves an education, or communities need water, roads, schools. every dollar is critical if we are to reach our goals to end extreme poverty by 2030 and boost shared prosperity. let's not mince words. in the developing world, corruption is public enemy number one. i pledged to do all
result, urged other international financial institutions not to look the other way. 11 years later, paul volcker provided us with a clear blueprint for attacking corruption. this is an historic occasion to have both of you with us today, and a new opportunity to learn from you once again. thank you so much for coming. [applause] i am also very pleased to welcome yvette from transparency international and the finance minister from the philippines. we are also very honored to have you with us...
84
84
Dec 29, 2013
12/13
by
CSPAN
tv
eye 84
favorite 0
quote 0
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme weather -- when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge differenc
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one....
64
64
Dec 27, 2013
12/13
by
LINKTV
tv
eye 64
favorite 0
quote 0
volcker rule says banks that enjoy fdic insurance don't get to gamble anymore. if they want to do trades, they have to do so on behalf of their clients and they don't get just a buy something because they think it will skyrocket in price in the future. the logic behind it was, a lot of these angst, citigroup one of them, merrill lynch another, bought up a lot of these mortgage-backed securities and other mortgage-derivative products and essentially sought on to -- held onto them because they thought they would go up. they ended up losing a ton of money. they sold a lot of them that up beinghey ended fraudulent. the basic idea is, look, if you're going to have taxpayer backing at the end of the day, sdi insurance, you should not get to gamble, and that is what rule is about. lobby it. try to one of the exceptions is, you cannot own a hedge fund if you're wall street bank or private equity fund because you could just gamble through that hedge fund, so they put a three percent cap on the amount of a hedge fund or amount of a private equity fund you could own. but t
volcker rule says banks that enjoy fdic insurance don't get to gamble anymore. if they want to do trades, they have to do so on behalf of their clients and they don't get just a buy something because they think it will skyrocket in price in the future. the logic behind it was, a lot of these angst, citigroup one of them, merrill lynch another, bought up a lot of these mortgage-backed securities and other mortgage-derivative products and essentially sought on to -- held onto them because they...
242
242
Dec 27, 2013
12/13
by
CNBC
tv
eye 242
favorite 0
quote 0
breaking news by the way, on the volcker rule. mary thompson, what can you tell us? >> regulators are reviewing what is currently a ban on certain debt securities held by banks. specifically this will impact the smaller banks. these debt securities are essentially cladollateralized debts. smaller banks have these as part of their capital. if they cannot hold them as specified under the volcker rule as it's currently interpreted, that would have an impact on their capital. so, what the regulators are doing is deciding whether or not it would be appropriate for these banks to continue to hold these debt instruments. now, you might recall that the american bankers association threatened to sue regulators over this aspect of the volcker rule. as we see it right now, regulators reviewing it so we could see a change to the voluntarily ker rule which is passed recently. regulators say they will make a decision on this by january 15th. >> just to be clear, are we talking about structured finance, some of these securities? >> collateralized debt obligations, cdos backed. they
breaking news by the way, on the volcker rule. mary thompson, what can you tell us? >> regulators are reviewing what is currently a ban on certain debt securities held by banks. specifically this will impact the smaller banks. these debt securities are essentially cladollateralized debts. smaller banks have these as part of their capital. if they cannot hold them as specified under the volcker rule as it's currently interpreted, that would have an impact on their capital. so, what the...
229
229
Dec 27, 2013
12/13
by
CNBC
tv
eye 229
favorite 0
quote 0
the volcker rule. what does this mean for the new rule? we'll talk with sheila bair after a break. [ mawhat if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. a research tool on thinkorswim. (voseeker of the sublime.ro. you can separate runway ridiculousness... from fashion that flies off the shelves. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (natalie) ooooh, i like your style. (vo) so do we, business pro. so do we. go national. go like a pro. so ally bank has a that won't trap me in a rate. that's correct. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don'
the volcker rule. what does this mean for the new rule? we'll talk with sheila bair after a break. [ mawhat if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. a research tool on thinkorswim. (voseeker of the sublime.ro. you can separate runway...
66
66
Dec 27, 2013
12/13
by
CSPAN2
tv
eye 66
favorite 0
quote 0
when you get to that point, as paul volcker said at our first meeting when we are presented, what fdic would've done if it had authority to resolve lehman brothers instead of sending lehman brothers to bankruptcy, it would have done great, paul volcker's question was, what would you do on day two, three, fofour after you do this the fit day? of course we had months to sort of reduces and, of course, in a crisis they all came at the same time. the policymakers would be tempted to whatever law they made yesterday, change it because of the crisis last time. we don't want to get the. the question is, if this is the earthquake or not, the book, this is not an earthquake. this is not a natural disaster but this is something that can do a huge amount to avoid and prevent. and while you do that also get a better, safer system, less bloated with subsidy system. just about everything you can think about is good. hardly anything to think about is bad unless you're a banker. >> we have been talking with anat admati who's a professor of finance and economics at the graduate school of business here
when you get to that point, as paul volcker said at our first meeting when we are presented, what fdic would've done if it had authority to resolve lehman brothers instead of sending lehman brothers to bankruptcy, it would have done great, paul volcker's question was, what would you do on day two, three, fofour after you do this the fit day? of course we had months to sort of reduces and, of course, in a crisis they all came at the same time. the policymakers would be tempted to whatever law...
276
276
Dec 27, 2013
12/13
by
BLOOMBERG
tv
eye 276
favorite 0
quote 0
year of thethe losses, the year the volcker rule. more2030 be smoother and -- will 2014 be smoother and more profitable? we're going to start with you, josh. is this going to be the -- something is going to happen. what and when? when is the next london whalish kind of thing? going to see the volker rule data getting collected next summer. there was an interesting story about the chÂteau warehouses. shadow warehouses. you wonder whether that information is coming out as a willt of the living requirements under dodd-frank, that the banks have to submit living wills how they will be resolved through bankruptcy processes if they could. they have to give all of the data and details on their business. who knew about these shadow warehouses? >> given the regulation that we are seeing, a lot of this has in, but given the regulation, do you think we're going to see a changing industry? shopping, are they gone? >> it will not happen overnight. it is a long-term process. it is important to remember this is not new. thehey are going back to ut
year of thethe losses, the year the volcker rule. more2030 be smoother and -- will 2014 be smoother and more profitable? we're going to start with you, josh. is this going to be the -- something is going to happen. what and when? when is the next london whalish kind of thing? going to see the volker rule data getting collected next summer. there was an interesting story about the chÂteau warehouses. shadow warehouses. you wonder whether that information is coming out as a willt of the living...
152
152
Dec 27, 2013
12/13
by
MSNBCW
tv
eye 152
favorite 0
quote 0
you're not going paul volcker in 2006, 2007, 2008. it seemed the whole system was rigged at the time to encourage this speculative behavior because it was good for politicians on both sides. >> when you're at the tail end of the bubble it's inconceivable to say something against it. i'm on record -- i will tell you in transcripts, public remarks, making cautious statements they are completely eliminated from the text. you don't see it any more. >> can i really quickly, brian, instead of directing this to the chairman i'll direct it to you. it sounds self-serving. i've been saying this for five years. it blows me away alan greenspan was attacked after barney frank and george w. bush got what they wanted and it was his mistake to keep interest rates artificially low. since alan greenspan has retired our monetary policy has become even more aggressive. >> right. >> first of all they condemn what we did over 15, 20 years of extraordinary economic growth and then they double down on that same behavior. >> are there lawmakers in washington,
you're not going paul volcker in 2006, 2007, 2008. it seemed the whole system was rigged at the time to encourage this speculative behavior because it was good for politicians on both sides. >> when you're at the tail end of the bubble it's inconceivable to say something against it. i'm on record -- i will tell you in transcripts, public remarks, making cautious statements they are completely eliminated from the text. you don't see it any more. >> can i really quickly, brian,...
47
47
Dec 27, 2013
12/13
by
CSPAN2
tv
eye 47
favorite 0
quote 0
paul volcker's question was what would you do that too, three and four after he the first day. it took months to do this and of course with the crisis at the same time. the policymakers would be tempted to whatever law they made yesterday change it. we don't want to get there so the question is how do we stop this? the strong message of our book is this is not an earthquake. this is not a natural disaster. this is something that we can do huge amount to avoid and prevent and while we do that also get a better and safer system, less loaded with subsidies. just about everything you think about as good. >> host: we have been talking with anat admati who is a professor of finance and economics at stanford university and the co-author of this new book,
paul volcker's question was what would you do that too, three and four after he the first day. it took months to do this and of course with the crisis at the same time. the policymakers would be tempted to whatever law they made yesterday change it. we don't want to get there so the question is how do we stop this? the strong message of our book is this is not an earthquake. this is not a natural disaster. this is something that we can do huge amount to avoid and prevent and while we do that...
35
35
Dec 27, 2013
12/13
by
CSPAN2
tv
eye 35
favorite 0
quote 0
in this committee are esteemed people at paul volcker, and a number of other people. so we meets not that frequently that we have meetings in which we are represented with progress on this issue. it's very good to be there because i get to ask a bunch of questions and work with basically what i consider right now the best in d.c. right now and the one most concerned with the public which is the fdic. and so we asked the question could we eliminate the problems just by being able to allow these companies to go into bankruptcy which is something like an cropsey which is the normal thing that a failed company does. if you can't pay your debts you go into bankruptcy. can we create something equivalent to bankruptcies were there won't be collateral damage and that's the issue? well it's very problematic. they have things like title i that are supposed to help like living wage. they're all kinds of issues there and supposedly in title i they would be great supervision and good cooperation. let me just say the fdic is doing a great job trying to do this but it is not the poi
in this committee are esteemed people at paul volcker, and a number of other people. so we meets not that frequently that we have meetings in which we are represented with progress on this issue. it's very good to be there because i get to ask a bunch of questions and work with basically what i consider right now the best in d.c. right now and the one most concerned with the public which is the fdic. and so we asked the question could we eliminate the problems just by being able to allow these...
46
46
Dec 26, 2013
12/13
by
FBC
tv
eye 46
favorite 0
quote 0
cheryl: we had all the talk about the volcker rule and what it means for banks, financials. 2013 were great for financials but now what? >> i think you're going to see the big guys start to spin things off. that is the only way they can create value. citigroup is likely going to be the first one. the new ceo in there has done this before. if you could spin out investment asset management division you get two or three times the valuation on it being given inside the corporate shell of citigroup. i think the first one that does it creates a domino effect for the others and i think that is only way they realize their full value in years ahead. david: jeff saut, john, thanks for your investment advice. scott shellady, we're not done with you. we'll come back when the s&p futures close. >> you bet. cheryl: looks like hedge fund glory days are coming to an end. this year they averaged returns of 8.2%, versus 25% for the dow. will they make a comeback and or has the smart money lost its way. david: just 8%. that shows you where the market is also. were you missing gifts under the tree? chery
cheryl: we had all the talk about the volcker rule and what it means for banks, financials. 2013 were great for financials but now what? >> i think you're going to see the big guys start to spin things off. that is the only way they can create value. citigroup is likely going to be the first one. the new ceo in there has done this before. if you could spin out investment asset management division you get two or three times the valuation on it being given inside the corporate shell of...
254
254
Dec 24, 2013
12/13
by
FBC
tv
eye 254
favorite 0
quote 0
the first legal challenge to the volcker rule has emerged. the american bankers association filed for immediate stay on the volcker rule provision. rules provisions will cause substantial harm to community banks. so now the lawyers have got it. liz? liz: david, talk about volatility, in december alone the price of a single bitcoin, virtual currency, has traded between $450 and $1280. 10 trillion bankers and regulators all around the world are chattering about it and ratcheting up warning about this currency, but, some are embracing it saying the rest of us don't see the true light. overstock.com, we reported this, they will begin accepting bitcoin as payment next year for its product. is a bubble in the works for bitcoin or is it the wave of the future. we have the wedbush managing director. gil, fair to say you stand on the side of rah-rah bitcoin? >> i certainly think there is a lot of value in the technology. the technology that bitcoins represents in terms of decentralizing trust, creating ability to process transactions not through the t
the first legal challenge to the volcker rule has emerged. the american bankers association filed for immediate stay on the volcker rule provision. rules provisions will cause substantial harm to community banks. so now the lawyers have got it. liz? liz: david, talk about volatility, in december alone the price of a single bitcoin, virtual currency, has traded between $450 and $1280. 10 trillion bankers and regulators all around the world are chattering about it and ratcheting up warning about...
272
272
Dec 24, 2013
12/13
by
KRON
tv
eye 272
favorite 0
quote 1
volcker who was one of the major leaders of the project who passed away a few years ago. my hopes for the toys. everyone loves this. this is the 13th year. you can donate money as well. if you cannot leave your house, the luxor cab company. it was when firehouse pick up the toys and drop it off. 9 08 is the time. we will continue with our news of all the developing story on this christmas eve morning. this last day that packages can be delivered through christmas. we wish you why you should be on extra alert and we're keeping our eye on the stick as the cleanup continues this morning after the big last-minute win last night. here is a shame for something have to look out for a christmas eve but petaluma police are warning people to watch out for the thieves were stealing packages right off of front porches and taking items from cars. several recent threats and that just thefts have happened and the reason part of petaluma. lot of their cars and make for a short you are aware of your surroundings. it is another spare the air day. the aren't supposed to do any wood burning
volcker who was one of the major leaders of the project who passed away a few years ago. my hopes for the toys. everyone loves this. this is the 13th year. you can donate money as well. if you cannot leave your house, the luxor cab company. it was when firehouse pick up the toys and drop it off. 9 08 is the time. we will continue with our news of all the developing story on this christmas eve morning. this last day that packages can be delivered through christmas. we wish you why you should be...
167
167
Dec 24, 2013
12/13
by
CNBC
tv
eye 167
favorite 0
quote 0
certainly a different set of circumstances than, say, a volcker faced back then. guys, have a great holiday. thanks, as always, for your insights. >> thank you. merry christmas. >> same to you. >>> it's been a good few weeks for the social stocks, and that's not changing today. shares of facebook and at least twitter up almost 4%, hitting some record levels on this growing optimism for social media advertising. if you're not already a buyer of social hype, is it time to finally get in? we'll talk about that in a moment. first, though, rick santelli, what are you watching on this christmas eve? >> yes. well, i tell you what, we are going to talk with ira harris on this holiday-shortened session this christmas eve, and the yield curve, and what else? see some of his thoughts and predictions for 1240. -- 2014. g over ] [ music transitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you open an account. [woman]ask me... [announcer]...if you think
certainly a different set of circumstances than, say, a volcker faced back then. guys, have a great holiday. thanks, as always, for your insights. >> thank you. merry christmas. >> same to you. >>> it's been a good few weeks for the social stocks, and that's not changing today. shares of facebook and at least twitter up almost 4%, hitting some record levels on this growing optimism for social media advertising. if you're not already a buyer of social hype, is it time to...
168
168
Dec 24, 2013
12/13
by
CNBC
tv
eye 168
favorite 0
quote 0
so they have the eight or nine big banks that care about the volcker rule. then they have all these smaller banks, the community banks who are quite thrilled about this. >> they lived it. >> right. and they think it would actually ultimately help them. and so you have this group. it's supposed to be representing all of its constituents. >> that is good. >> i agree. is that j. crew? >> it is j. crew. >> you could be on some hip -- >> it's not if. he's going to be on talking dead. >> really? >> yes. >> congratulations. >> well, thank you. >> that's exciting. >> i have a three-hour show every day on tv, but thank you. >> sth a great network, obviously. but you can be anywhere that's not here, which is exciting. >> we've seen people in the last couple of weeks become pervasive in mass culture, too. i'm not sure i want to get there. >> you want to be the iac lady or the lululemon person? she was in the news -- >> yeah, for 30 seconds. >> the twitter world allows everyone to be jimmy the greek. >> for 20 seconds. nobody is going to remember her. >> no. >> but a sh
so they have the eight or nine big banks that care about the volcker rule. then they have all these smaller banks, the community banks who are quite thrilled about this. >> they lived it. >> right. and they think it would actually ultimately help them. and so you have this group. it's supposed to be representing all of its constituents. >> that is good. >> i agree. is that j. crew? >> it is j. crew. >> you could be on some hip -- >> it's not if. he's...
83
83
Dec 24, 2013
12/13
by
CSPAN
tv
eye 83
favorite 0
quote 0
those 12 years, all the reagan program, and so we did have an economy that rebounded because volcker dealt with inflation, and the deficits were enormous. but they established a precedent for continuous chronic massive peacetime deficits and put the republican party, but old defender of the treasury gates, into the position that cheney so ineloquently expressed that it does not matter, and that was the beginning of the end, because it is not a conservative party that is defending the treasury, the taxpayers, and fiscal rectitude. you're going to have a free- lunch competition between tax cutters, the republicans, and spenders, the democrats, and that is why you have $17 trillion of national debt today and why it is out of control and why we have kind of a doomsday machine. >> how smart was he? >> i have learned enough to know this is not an iq-rating game. as a political leader, and a massive i.q., you are probably going to be a tremendous failure. reagan had a tremendous temperament. he had a pretty decent iq. he had some fundamental convictions that philosophically were correct, bu
those 12 years, all the reagan program, and so we did have an economy that rebounded because volcker dealt with inflation, and the deficits were enormous. but they established a precedent for continuous chronic massive peacetime deficits and put the republican party, but old defender of the treasury gates, into the position that cheney so ineloquently expressed that it does not matter, and that was the beginning of the end, because it is not a conservative party that is defending the treasury,...
61
61
Dec 23, 2013
12/13
by
CSPAN2
tv
eye 61
favorite 0
quote 0
i want to focus on the ambiguity in the volcker rule and whether it's consistent enforcemeenforceme enforcement. you have heard in recent days after the issuance of the rule federal governor raskin talking about how section 619 of dodd-frank certainly doesn't specify enforcement standards. she indicates that the fcc made bring one perspective and the occ may bring a different perspective. commissioner gallagher says banking agencies can employ discretion where is the sec a rule as a rule and they have a different approach. so with a 71 page textual rule no guidance in the statutory language of section 619. 892 pages of explanation. how are banking in marker regulators under your purview supposed to enforce this rule. they have such divergent philosophies. >> mr. chairman? >> brief response please. >> congressman i think for 100 years in the evolution of our financial regulatory system that has worked to create the five hotties i think that the fact that the five agencies agreed on supervision and enforcement from a common starting point is enormous progress so i think we are going into the stro
i want to focus on the ambiguity in the volcker rule and whether it's consistent enforcemeenforceme enforcement. you have heard in recent days after the issuance of the rule federal governor raskin talking about how section 619 of dodd-frank certainly doesn't specify enforcement standards. she indicates that the fcc made bring one perspective and the occ may bring a different perspective. commissioner gallagher says banking agencies can employ discretion where is the sec a rule as a rule and...
49
49
Dec 23, 2013
12/13
by
CSPAN2
tv
eye 49
favorite 0
quote 0
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in securities which could be risky and volatile over time. >> congressman, obviously our initial core concern was the treatment of u.s. treasuries. and issues arose particularly with regard to the impact that the rule would have on banks with relationship with other foreign nationals and their sovereign debt. i believe the way provisions were worked out provides guidelines, you know a path for sovereign debt to be treated appropriately. i am -- i think if you look at the structure of the resume it's clear there is accountability at the level of the
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in...
48
48
Dec 23, 2013
12/13
by
CSPAN2
tv
eye 48
favorite 0
quote 0
he did have an economy that rebounded since volcker killed inflation and the deficits are enormous and they stimulated the economy. but they established a precedent for continuing chronic massive peacetime deficit and put the republican party, the old defender of the treasury key into the position she means so and i'll quickly expressed deficits don't matter. i was the beginning of the yarn. if there's not a conservative party that is defending the treasury, taxpayers and fiscal rectitude coming or going to have a free lunch competition between tax cutters, the republicans and spenders, the democrats. that's why you have 17 trillion of national debt today and why it's out of control and my we have a doomsday machine. >> the question i am most often asked why tell people i've been writing a book on the history of guerrilla warfare is what is the first guerrilla war? and the answer is guerrilla warfare is as old as mankind itself. it is impossible to say was a first guerrilla war to leave because that is essentially tribal war. tribal warriors going back to guide mankind that have been f
he did have an economy that rebounded since volcker killed inflation and the deficits are enormous and they stimulated the economy. but they established a precedent for continuing chronic massive peacetime deficit and put the republican party, the old defender of the treasury key into the position she means so and i'll quickly expressed deficits don't matter. i was the beginning of the yarn. if there's not a conservative party that is defending the treasury, taxpayers and fiscal rectitude...
111
111
Dec 23, 2013
12/13
by
CSPAN2
tv
eye 111
favorite 0
quote 0
first come is my privilege to introduce paul volcker. he served as chairman of the board of governors from august 79 to august 1987. prior to that he served as the president of the federal reserve bank of new york from august 1975 to august 1979. his leadership was noted for an aggressive and courageous fight to bring inflation under control. please join me in looking former chairman paul volcker. [applause] >> thank you very much, jeff. and friends of the federal reserve. this is indeed a historic a celebration. it's a wonderful opportunity for people like me to consult with our old friends. old literally last night all friends. and to be asked to leave office program is a special honor. special privilege. now, i have been i'm reminded come been around the federal reserve for some 75 years. it happened that i wrote my senior thesis in college. on how the federal reserve could restore its independence, too many years thereafter. and having completed his thesis, i guess they didn't read the thesis, i got a job at the federal reserve bank
first come is my privilege to introduce paul volcker. he served as chairman of the board of governors from august 79 to august 1987. prior to that he served as the president of the federal reserve bank of new york from august 1975 to august 1979. his leadership was noted for an aggressive and courageous fight to bring inflation under control. please join me in looking former chairman paul volcker. [applause] >> thank you very much, jeff. and friends of the federal reserve. this is indeed...
58
58
Dec 23, 2013
12/13
by
CSPAN2
tv
eye 58
favorite 0
quote 0
and so we did have an economy that rebounded, because volcker killed inflation, and the deficits were enormous, and they stimulated the economy. but they established a precedent for continuous, chronic, massive peacetime deficits and put the republican party, the old defender of the treasury gates, into the position that cheney eloquent -- so ineloquently expressed, deficits don't matter. and that was the beginning of the end. because in a democracy if there's not a conservative party that is defending the treasury, the taxpayers and fiscal rectitude, you're going to have a free lunch dedecision between -- competition between tax cutters, the republicans, and spenders, the democrats. and that's why you have $17 trillion of national debt today and why it's out of control and why we have kind of a doomsday machine. >> and you can watch the hourlong interview with former michigan republican congressman and reagan administration budget director david stockman today starting at 7 p.m. eastern on c-span. >> tonight beginning at 8 p.m. eastern, american history tv in prime time brings you pr
and so we did have an economy that rebounded, because volcker killed inflation, and the deficits were enormous, and they stimulated the economy. but they established a precedent for continuous, chronic, massive peacetime deficits and put the republican party, the old defender of the treasury gates, into the position that cheney eloquent -- so ineloquently expressed, deficits don't matter. and that was the beginning of the end. because in a democracy if there's not a conservative party that is...
256
256
Dec 23, 2013
12/13
by
FOXNEWSW
tv
eye 256
favorite 0
quote 0
policy, he will be pushed back just like jimmy carter was an we pass the capital gains tax and paul volcker became head of the fed. all of these things happen, prop 13, all of those happened in the last few years. and that same pattern and scenario could happen here, making it a very good outlook. but we certainly have a short period of time and it will be awfully unpleasant for the president. martha: art laffer, thank you for joining us. a merry christmas to you, sir. bill: coming up next, some amazing technology. martha: and an incredible story to help our nation's heroes. >> manning lets it fly, that's amazing. bill: peyton manning celebrating a new record with a touchdown pass. martha: and leaving cookies out for santa. are your daughters doing that? bill: yes, they are. ♪ ♪ ♪ i bought a car, comes over... and you're like. if you're getting... a good deal or not. led up... truecar.com. all the information... you should be paying. you know, and with truecar.com, my feeling is that... we got a fair price. there's no buyer's remorse, you know. i'm happy with my purchase. it's the tru
policy, he will be pushed back just like jimmy carter was an we pass the capital gains tax and paul volcker became head of the fed. all of these things happen, prop 13, all of those happened in the last few years. and that same pattern and scenario could happen here, making it a very good outlook. but we certainly have a short period of time and it will be awfully unpleasant for the president. martha: art laffer, thank you for joining us. a merry christmas to you, sir. bill: coming up next,...
181
181
Dec 23, 2013
12/13
by
CNBC
tv
eye 181
favorite 0
quote 0
he pinned the low inflation rig rates now what volcker and greenspan did over the several decades, the fed has credibility and it remains. >> thanks for coming in. >> it was fun. >> if you're joining us, here what happens you missed earlier on. >> welcome to "squawk on the street." here's what's happened so far. >> given the data, given the way the committee positioned itself, with the program that identified labor market conditions, the key criteria, this decision was kind of the slam dunk. >> over time, as people get it, if they like the benefit, it will rise in popularity. and taking it away completely repealing it, is dangerous. >> the last five days, the last serven day afrz december and th strongest of the month. as of last week we moved into positive territory in front of the seasonally strong period in a seasonally strong period. some of the news, if taken bullishly, could send us to further highs. >> what we're seeing apples's able to sell the iphone through china mobile's vast network, 763 million subscribers. >> i think people are going to be opening up 401(k) statements com
he pinned the low inflation rig rates now what volcker and greenspan did over the several decades, the fed has credibility and it remains. >> thanks for coming in. >> it was fun. >> if you're joining us, here what happens you missed earlier on. >> welcome to "squawk on the street." here's what's happened so far. >> given the data, given the way the committee positioned itself, with the program that identified labor market conditions, the key criteria,...
218
218
Dec 23, 2013
12/13
by
BLOOMBERG
tv
eye 218
favorite 0
quote 0
like the jpmorgan billion settlement and many banks are saying they don't know what to make of the volcker rule. rough as is that as that sounds, at least those things are out of the way. rule set incker stone, at least that reduces some uncertainty around creating strategy. even though the settlement claims are huge, at least they are putting some of the biggest claims from the crisis behind them. perhaps the strongest argument for buying banks is that they look pretty cheap. the s&p financials art trading at a multiple of 13.9. robert, are you more skeptical? >> just a little bit more cautious. everything said was correct. it was the best performing sector last year, 39% up. they have had a good run and there's new regulation in front of them. if they are going to do well it will be because the consumer comes back and start to borrow more. we have not seen that but if that were to occur, that would the a big plus for the financials. >> how would we get consumers to borrow more? >> confidence, it's always a question of confidence. if you have long-term confidence in your job and your empl
like the jpmorgan billion settlement and many banks are saying they don't know what to make of the volcker rule. rough as is that as that sounds, at least those things are out of the way. rule set incker stone, at least that reduces some uncertainty around creating strategy. even though the settlement claims are huge, at least they are putting some of the biggest claims from the crisis behind them. perhaps the strongest argument for buying banks is that they look pretty cheap. the s&p...
150
150
Dec 23, 2013
12/13
by
CNBC
tv
eye 150
favorite 0
quote 0
goldman sachs real estate play is said to be skirting the volcker rule. the rule prohibits banks from owning more than 3% to hedge fund or private equity portfolio. the journal reports this. they say goldman sachs told the investors it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotel shopping centers and other properties. that's because regulators excluded real estate loans from the restrictions on investment funds. goldman sachs reportedly raised more than $1 billion for that new fund wants to bring that total to $2 billion. did you find -- are you upset with that? >> the story is goldman's complying with the volcker rule. is that what you're saying? >> sort of. i didn't understand the piece. >> well, the question is, by providing a fund -- it's a fund of loans effectively. >> so i'm not -- first of all, not close to the matters is the regulartorial issue, but the story made it sound as if they're doing something perfectly legal. >> it is. >> but the way it was read made it sound like they were skirting. >> i wa
goldman sachs real estate play is said to be skirting the volcker rule. the rule prohibits banks from owning more than 3% to hedge fund or private equity portfolio. the journal reports this. they say goldman sachs told the investors it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotel shopping centers and other properties. that's because regulators excluded real estate loans from the restrictions on investment funds. goldman sachs reportedly raised more...
105
105
Dec 22, 2013
12/13
by
CSPAN
tv
eye 105
favorite 0
quote 0
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those cases, over 480 women die each year out of a hundred thousand. in countries where less than 30% of people said they had to pay a bribe, less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people, it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those...
12
12
tv
eye 12
favorite 0
quote 0
hyperinflation is is def the final and that's what we were risking in the seventy's and that's when volcker unleashed the hounds and said stop the inflation now so he's everyone's hero he stopped hyperinflation he kept it high inflation and . do you think we need it. yes we need to care and you don't see any. of its governors at this this point in time no because the fed is doing what the banks tell the fed to do because the fed is the banks write a fabulous federalist federal express right that's a trite phrase but it's true that they're there and they're nominated by the president who you know who pays his campaign funds but but but yes we need someone to come in but i think volcker even did it for the banks he recognized that even the banks were going to lose if he didn't get control of the situation so i wouldn't i wouldn't. necessarily either but i think the best. in the bunch he doesn't even get a gold star for me. now if you're thinking i'm cold. in general oh gold gold was the most interesting market this year and i have never eaten so many bags of garbage you know what i was going
hyperinflation is is def the final and that's what we were risking in the seventy's and that's when volcker unleashed the hounds and said stop the inflation now so he's everyone's hero he stopped hyperinflation he kept it high inflation and . do you think we need it. yes we need to care and you don't see any. of its governors at this this point in time no because the fed is doing what the banks tell the fed to do because the fed is the banks write a fabulous federalist federal express right...
16
16
tv
eye 16
favorite 0
quote 0
who you know guess who pays his campaign funds but but but yes we need someone to come in but i think volcker even did it for the banks he recognized that even the banks were going to lose if he didn't get control of the situation so i wouldn't i wouldn't be a fireball courier unnecessarily either but the best of the bunch he doesn't even get a gold star from me. now if you're thinking. in general oh gold gold was the most interesting market this year and i have never eaten so many bags of garbage you know what i was going to say. this year is gold but if you look at all the things that happen in gold every single shred of evidence this year in the market said that the demand for physical gold was soaring every bit of news coming out of the global precious metal system said the demand for physical gold was huge the only thing that seemed to fly in the face of that is the price so i don't mind owning gold now came to the difference between physical gold and paper gold yet physical gold it has to exist paper gold it doesn't have to exist and something i've seen estimates that there's one hundre
who you know guess who pays his campaign funds but but but yes we need someone to come in but i think volcker even did it for the banks he recognized that even the banks were going to lose if he didn't get control of the situation so i wouldn't i wouldn't be a fireball courier unnecessarily either but the best of the bunch he doesn't even get a gold star from me. now if you're thinking. in general oh gold gold was the most interesting market this year and i have never eaten so many bags of...
190
190
Dec 20, 2013
12/13
by
CNBC
tv
eye 190
favorite 0
quote 0
i mean if you look at the volcker rule it's 1,000 pages. that means a lot of lawyers are needed to interpret it and make sure they're -- >> try interpreting dodd/frank. >> even so, if you're not doing m&a now, if it's not happening right now in this market that is a broader structural shift i think we really need to figure out because this should be the time when we should have had big m&a. lawyers should be raking it in. this should be a huge bonus year. it's not happening. that tells to me something bigger is going on. >> thanks, guys. we'll take a quick break. more on the market's record breaking week is coming up. we'll go live to the nasdaq for a check of the movers. see which tech stocks blew it out of the park and which ones just blew it. >>> it's not exactly the hunger games but perhaps just as fierce. who will come out ahead in next year's board games? we'll tell you how boards plan to deal with agitators in the new year. keep it right here. ) at scottrade, our clients are always learning more to make their money do more. (ann) to
i mean if you look at the volcker rule it's 1,000 pages. that means a lot of lawyers are needed to interpret it and make sure they're -- >> try interpreting dodd/frank. >> even so, if you're not doing m&a now, if it's not happening right now in this market that is a broader structural shift i think we really need to figure out because this should be the time when we should have had big m&a. lawyers should be raking it in. this should be a huge bonus year. it's not happening....
105
105
Dec 20, 2013
12/13
by
CSPAN
tv
eye 105
favorite 0
quote 1
vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme whether. -- weather -- [indiscernible] when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge deference -- difference in term
vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years,...
57
57
Dec 20, 2013
12/13
by
CSPAN
tv
eye 57
favorite 0
quote 0
volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and practical difficulties. but you have a practical problem in dealing with it in very difficult circumstances. dealing with both on the delivery side and on the supply easy, and you not have to keep at it. but the world bank doesn't do it, nobody else is going to do it in this area, and if you don't do it, everybody will use it as an excuse to not do it themselves. it's obvious. getting on the delivery, getting on the execution, you've got to work, as you are, and what other agencies and the rest of us can do to help the cooperation,
volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and...
39
39
Dec 20, 2013
12/13
by
CSPAN
tv
eye 39
favorite 0
quote 0
ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die each year out of a hundred thousand. 30%ountries where less than of people said they had to pay a bribe. , less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people , it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and ,ook at surveys that others do i
ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die...
151
151
Dec 20, 2013
12/13
by
CNBC
tv
eye 151
favorite 0
quote 0
. >> just real quick, senator, the volcker rule, okay, that is front and center. no proprietary trading inside the banks. no private equity operations inside the banks. no hedge funds inside the banks. it's too risky. you can just use hedging techniques to hedge against the banks' position, but that's it. what's your view on the volcker rule? >> i think it's a big mistake from the beginning. first of all, proprietary trading has been a profit source for these banks. so if you think you're doing something to improve the credit worthiness and the stability of the banks, diminishing their profitability does not achieve that. secondly, it's going to raise the cost of corporate america to borrow funds. you know, it's interesting that the dodd/frank legislation exempted u.s. treasury securities from the prohibition. you can lose your shirt in prop trading on treasuries, as you can with anything else. but they knew that in the absence of that trading, you'd have less liquid markets and more expensive issuance and what corporate america is going to face. >> all right. we'
. >> just real quick, senator, the volcker rule, okay, that is front and center. no proprietary trading inside the banks. no private equity operations inside the banks. no hedge funds inside the banks. it's too risky. you can just use hedging techniques to hedge against the banks' position, but that's it. what's your view on the volcker rule? >> i think it's a big mistake from the beginning. first of all, proprietary trading has been a profit source for these banks. so if you think...
69
69
Dec 19, 2013
12/13
by
CNBC
tv
eye 69
favorite 0
quote 0
the volcker rule is behind, you know, we have the terms of that. that worry is behind us. you know, we have to live with it, but we know what it is now. and in the consumer discretionary sector, that is also done well when we have a yield curve at current levels. in the media sector, we like discovery and cvs. and more broadly based in the consumer discretionary sector, one we like here is ftd. and what it is is it's a spinoff of united online. it hasn't done much in the past two months since it was spun off. but what you typically see in these spinoffs, the child stock tends to lag the market and overall in the first two months when it's spun off and people see it in their portfolio and sell it off. but over the long term, say after three months or so, they start to rally and outperform. >> what two names do you like in the financial sector? >> in the financial sector, we have to focus on the big banks. wells fargo and goldman sachs are two names that currently look attractive to us here. >> thank you very much for joining us today. >> thanks. >>> since we're talking abou
the volcker rule is behind, you know, we have the terms of that. that worry is behind us. you know, we have to live with it, but we know what it is now. and in the consumer discretionary sector, that is also done well when we have a yield curve at current levels. in the media sector, we like discovery and cvs. and more broadly based in the consumer discretionary sector, one we like here is ftd. and what it is is it's a spinoff of united online. it hasn't done much in the past two months since...
135
135
Dec 19, 2013
12/13
by
CNBC
tv
eye 135
favorite 0
quote 0
. >> steve, i've got a different question for you, in a post volcker world. we talk about the big banks all the time. but i actually think of you as possibly way more powerful than any ceo of a big bank these days given all the businesses you're in and the fact that in many respects, you are becoming the bank. you're getting into auto loans, all sorts of other businesses. what does blackstone and all of your brethren ultimately look like? and how does that -- do you think you'll ultimately compete, if you will, with jpmorgan? >> well, nobody can really compete with jpmorgan. they're a huge-sized institution and we are not a bank. we do not take deposits. we do not look for guarantees from federal governments. but what we do do and we have done for almost 30 years is look at interesting opportunities where the credit risk to the extent that we're talking about credit as opposed to equities. >> you're going to be providing more and more capital, lending more and more money through different avenues and vehicles. >> we'll be raising money from institutional mark
. >> steve, i've got a different question for you, in a post volcker world. we talk about the big banks all the time. but i actually think of you as possibly way more powerful than any ceo of a big bank these days given all the businesses you're in and the fact that in many respects, you are becoming the bank. you're getting into auto loans, all sorts of other businesses. what does blackstone and all of your brethren ultimately look like? and how does that -- do you think you'll...
58
58
Dec 19, 2013
12/13
by
CSPAN
tv
eye 58
favorite 0
quote 0
we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being increasingly understood by markets and increasingly understood by the people who assess this that there are going to be any more taxpayer-funded bailouts. part of that is about reducing the chances that you are in that situation again with things like volcker rule and preventing that from happening but also making sure if you are in that situation no rule is going to be perfect to prevent every problem from happening. and if you're in that situation that you have resolution mechanisms that we didn't have in our -- at our disposal to resolve those taxpayers put in a lot of money at risk for tarp. it was a
we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being...
50
50
Dec 19, 2013
12/13
by
CSPAN
tv
eye 50
favorite 0
quote 0
even with the implementation of dodd-frank and the publication of the volcker rule there seems to be this unresolved anger directed towards banks and financial systems on congress. and maybe more the democratic party. is that fair to you think that anger is still there and that the community seems to be feeling the community at price per pound of flesh still needs to be gotten from the banks for what happened in 2007 in 2008 and how are the bank stating today affecting the pace of the economic recovery, bank lending? is it a drag on the recovery at all? >> so, banks play a really important role in our financial system. they help allocate capital. they help revive liquidity when they function as they should. they also help better allocate risk but when you have poor regulations and when you have poor decisions banks can do the opposite of all of that. they can miss allocate capital and put it in the wrong places that hurts our economy. they can freeze up with the ability to have liquidity and rather than diversifying if they can concentrate it and expand that risk and hurt the economy
even with the implementation of dodd-frank and the publication of the volcker rule there seems to be this unresolved anger directed towards banks and financial systems on congress. and maybe more the democratic party. is that fair to you think that anger is still there and that the community seems to be feeling the community at price per pound of flesh still needs to be gotten from the banks for what happened in 2007 in 2008 and how are the bank stating today affecting the pace of the economic...
14
14
tv
eye 14
favorite 0
quote 0
how do you feel about bookers made a stack of valor the volcker rule coming to fruition this week you know i think we won't really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think the congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the vocal rule it's really just kind of a start to the process i think you know regulation is such a hard thing to do and i think i think at least the rules a step in the right direction the question is is what comes of it i think we really won't know now i want to ask you how you feel about stanley fischer the former head of the bank of israel being named number two at the federal reserve you know i think as many people have noted he was ben bernanke is advisor at mit so i think to me it's just it's it's what i little bit worry about is is just more of the same you know i think it in our in our film we highlight officials like paul volcker and some of the
how do you feel about bookers made a stack of valor the volcker rule coming to fruition this week you know i think we won't really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think the congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the vocal rule it's really just kind of a start to the process...